Latest Ratios: P/E Ratio -0.2x · EV/EBITDA N/A · ROE -279.2%. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $11M | $227M | $1.9B | $851M | $2.9B | $3.9B | $17.8B | $6.3B | $6.5B | $19.7B | — |
| Enterprise Value | $3M | $219M | $1.9B | $837M | $2.9B | $3.9B | $17.8B | $6.3B | $6.5B | $19.6B | — |
| P/E Ratio → | -0.17 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | 745.26 | 350.96 | 2790.94 | 1039.13 | — | — | — |
| P/B Ratio | 0.65 | 32.38 | 155.33 | 113.43 | 152.87 | 234.75 | 177.57 | 212.57 | 62.31 | 219.32 | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | 738.19 | 349.90 | 2794.66 | 1041.72 | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | 34.2% | 63.5% | 50.1% | 53.1% | — | — | — |
| Operating Margin | — | — | — | — | -2090.3% | -973.6% | -1512.6% | -1452.5% | — | — | — |
| Net Profit Margin | — | — | — | — | -1151.6% | -1268.7% | -1639.8% | -1553.3% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -279.2% | -279.2% | -388.3% | -318.7% | -250.6% | -244.2% | -160.9% | -140.1% | -68.6% | -4403.9% | — |
| ROA | -83.0% | -83.0% | -69.1% | -59.1% | -39.6% | -79.0% | -55.5% | -50.3% | -39.6% | -52.0% | -121.1% |
| ROIC | — | — | — | — | — | -127.7% | -85.4% | -167.6% | -355.6% | — | — |
| ROCE | -172.0% | -172.0% | -93.9% | -72.0% | -99.7% | -72.6% | -58.5% | -52.9% | -42.4% | -56.0% | -149.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 2.62 | 4.84 | 2.26 | 4.77 | 1.01 | 3.41 | 0.95 | 0.21 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.08 | -1.53 | -1.94 | -1.45 | -0.71 | 0.24 | 0.53 | -0.68 | -1.07 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -7.24 | -7.24 | -5.66 | -6.26 | -5.17 | -16.02 | -11.20 | -10.40 | -19.53 | -39.13 | -42.59 |
Net cash position: cash ($8M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.81 | 3.81 | 3.11 | 6.33 | 3.35 | 3.32 | 7.71 | 4.26 | 10.41 | 7.97 | 8.23 |
| Quick Ratio | 3.81 | 3.81 | 3.11 | 6.33 | 3.35 | 3.09 | 7.48 | 4.07 | 10.17 | 7.97 | 8.23 |
| Cash Ratio | 3.03 | 3.03 | 3.02 | 6.10 | 2.74 | 2.46 | 6.91 | 3.45 | 10.05 | 7.92 | 8.20 |
| Asset Turnover | — | — | — | — | 0.04 | 0.08 | 0.03 | 0.04 | — | — | — |
| Inventory Turnover | — | — | — | — | — | 0.47 | 0.61 | 0.61 | 0.23 | — | — |
| Days Sales Outstanding | — | — | — | — | 609.30 | 566.82 | 565.34 | 787.09 | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $8M | $6M | $2M | $2M | $1M | $1M | $684195 | $535078 | $425499 | $345667 |
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying KALA stock.
KALA BIO, Inc.'s current P/E ratio is -0.2x. This places it at the 50th percentile of its historical range.
KALA BIO, Inc.'s return on equity (ROE) is -279.2%. The historical average is -231.3%.
Based on historical data, KALA BIO, Inc. is trading at a P/E of -0.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Key Metrics
Top Statement Risk
Imminent liquidity and dilution
Metrics are mathematically derived from official filings.
Distress Discount Reflects Clinical Uncertainty
Based on reported figures, KALA's P/B ratio of 2.94 suggests the market is pricing the firm near its liquidation value, reflecting deep skepticism regarding the clinical success of the KPI-012 program compared to peers like OCUL which maintain higher valuation premiums despite similar R&D profiles.
The lack of meaningful P/E or P/S multiples underscores that the company is currently valued as a binary option on clinical trial outcomes rather than an ongoing commercial enterprise. Investors should monitor whether this valuation floor holds as the cash runway continues to compress, as any further dilution could lead to a significant re-rating of the equity.
Capital Destruction Outpaces Value Creation
As reported in financial statements, KALA's ROIC of -32.0% in 2026Q1 highlights a persistent inability to generate returns on invested capital, a trend that has worsened as the company pivots away from commercial assets toward high-cost, early-stage clinical development of its secretome platform.
The negative ROIC is a structural consequence of the firm's R&D-heavy cost base and the absence of revenue-generating operations. This trend suggests that capital is being consumed to sustain the business rather than to compound value, which warrants further investigation into the efficiency of the CHASE trial expenditures.
Liquidity Buffer Nearing Critical Exhaustion
According to recent SEC filings, KALA's current ratio has fluctuated wildly, reaching 7.91 in 2026Q1, yet this figure is misleading as it masks the rapid depletion of cash reserves required to fund the ongoing clinical trials for the company's lead ophthalmic candidate.
While the current ratio appears high, the absolute cash balance is insufficient to support long-term operations, indicating that the firm is highly vulnerable to liquidity shocks. The lack of inventory or significant receivables means the company has no secondary sources of liquidity, leaving it entirely dependent on external financing.
Misleading Reliance on Current Ratios
Based on KALA's reported figures, the current ratio is a fundamentally misapplied metric for this business model, as it obscures the reality that the firm's current assets are almost entirely composed of cash that is being rapidly burned to fund non-revenue-generating clinical development activities.
Analysts should instead focus on the 'cash runway' metric, calculated as the current cash balance divided by the quarterly net cash burn from operations. Relying on the current ratio provides a false sense of security that ignores the binary risk of clinical trial failure and the imminent need for dilutive capital raises.